Home-Based Business Insurance

For Freelancers, Consultants, & Entrepreneurs

home based insuranceIf you work from home, it can be difficult to find a professional insurance policy that meets your needs. Most consultants like you provide a wide variety of services within your field of expertise. Although your clients appreciate your flexibility, offering a broad service set can increase your exposure to liability. That’s why it’s so important that you find a policy specific enough for your business model, yet broad enough to cover most or all of the things you do.

The great news is that it’s easier than ever to get started as an online entrepreneur. The problem is that many freelancers who find success online fail to assess the risk with their line of work.

Let’s take a look at risk factors associated with what you do.

Risks Associated with Home-Based Businesses

Have you considered the following risks? If not, it’s time you gave them some thought.

  1. Web Design and Development Professionals:  What happens if your client’s website gets hacked and begins sending out damaging emails to registered users? Will the client hold you responsible and seek restitution? Even if it’s not your fault, you may be blamed. Therefore, it’s important to have a way to deal with such risk.
  2. IT Professionals:  Each day you deal with your clients’ cloud systems, servers, accounts, passwords, and more. This information allows you to do your job; however, it also creates IT professional liability risks for you. Maintaining good security processes is important, but sometimes even the best planning can fall short.
  3. Marketing Consultants:  Marketers are involved in many aspects of a client’s business. Content management systems, email marketing software, content creation, social media, graphic design, FTC rules, and telemarketing processes are just a few of the things impacting your profession. You can’t be an expert at everything, so how can you be certain you’re always playing by the rules?
  4. Accountants:  Over the last decade, there have obviously been many regulatory changes to the accounting profession. Simply stated, this increased scrutiny applies to accounting firms large and small. Keeping client information private and accurate is challenging in today’s online world.
  5. Bloggers and Freelance Writers:  What you say online matters. Are you unknowingly plagiarizing someone else’s work? As pointed out in this article, it’s possible you might be and not even know. How would you handle an intellectual property claim against your company?
  6. Sales Professionals:  Sales professionals have worked from home for many years now, especially with the advent of cloud-based technologies. As a sales representative, you act on your client’s behalf each day. What would happen if a client accused you of dishonesty or theft? How would you defend yourself?

Freelance Liability Insurance Must-Haves

Professional Services Coverage

If you’re a freelancer, most of your revenue is dependent upon providing professional services to the client. Such services may involve:  marketing, sales, finance, accounting, information technology, or other disciplines. Regardless of the service you provide, it’s important to have a policy that covers damage and claim expenses should you be be accused of rendering (or failing to render) professional services. Professional Services Coverage is typically the foundation of any home-based consulting policy, as it provides a broad umbrella of coverage for errors and omissions liability.

Disciplinary Proceedings Coverage

In addition, your policy should also pay for any legal expenses and lost wages incurred during your defense. If a client or third party sought damages, how would you avoid financial ruin? Having a policy that helps offset this cost is extremely important to your company’s viability.

Personal Injury Coverage

If you work from home, it may be unlikely that you could physically harm someone. However, it is more likely that you could be accused of defamation, slander, libel, or some other intangible harm. A good freelancer liability policy would cover any damages and expenses resulting from such claims.

Technology Professional Coverage

Marketers and IT professionals are involved with many cloud-based and server-based systems. Email hosting, data storage, website content management systems, and other applications present risks of hacking or data loss. Protecting your business from technology-related claims is becoming increasingly more important in our wireless world.

Who We Serve

We help home-based businesses, freelancers, and entrepreneurs find the liability policies that are right for their needs. We have clients who work on freelancing marketplaces. Our office is based in Rockport, Indiana, which is in Southwest Indiana. For nearly two decades, we’ve serviced hundreds of businesses and families throughout the country.

 

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